The insurance industry will do everything it can to comply with the New York Insurance Department’s advice to insurance adjusters and underwriters to exercise care and “responsible judgment” in judging claims arising from last week’s World Trade Center tragedy.
“While we certainly recognize the Department’s concerns in these troubled times, our industry’s approach is to always make our best efforts to settle claims in a proper and timely fashion,” said Joseph Termini Jr., counsel for the National Association of Independent Insurers (NAII), whose member companies write more than 27 percent of the New York insurance market. “The Department can rest assured that insurers will do everything within their power to help those affected by this horrible act.”
The recent directive from the department raises concerns about claims, cancellations and policy non-renewals in the aftermath of the WTC tragedy. “The letter urges insurers to cooperate during the crisis, which is without a doubt the industry’s intention,” Termini said. “We feel it is our duty to carefully consider any and all claims arising from this horrendous event.”
Termini reiterated that the specific language in each policy will determine the level of insurance coverage. He urged policyholders to check the language in their policies and contact their agent or insurer for answers to specific questions.
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